The bill has passed the first phase with an 8-1 vote in favor. The accelerated 45-day legislative process could lead to its final approval.
Utah could become the first U.S. state to officially establish Bitcoin reserves. This milestone could be reached due to the state’s legislative calendar, which allows only a 45-day window for law approval.
In a recent interview with Senator Cynthia Lummis, Dennis Porter, CEO of the Satoshi Action Fund, highlighted Utah’s privileged position in the Bitcoin race:
“It’s either sink or swim in 45 days. No one else has a faster calendar, and no one else has more political momentum and willpower to get it done.”
On January 28, a committee in the Utah House approved the bill with an 8-1 vote, which would allow the state to invest a portion of public funds in digital assets with a market capitalization of over $500 billion and approved stablecoins. This requirement makes Bitcoin the only investment option, along with stablecoins, even though it doesn’t make much sense for a state to invest in USDT or USDC when it already holds dollars.
Porter pointed out that every bill passed by the Utah House Economic Development Committee in recent years has been turned into law, strengthening the prospects of success for this initiative.
While Arizona is the only other state to have reached a similar stage in the legislative process, other states such as Illinois, Ohio, Massachusetts, and Texas have proposed similar bills. States like Alabama, Florida, Kentucky, and South Dakota have publicly expressed support for the idea, although they have not yet formalized legislative proposals.
